Riyadh – Mubasher: Buruj Cooperative Insurance Company has received a letter from the Saudi Arabian Monetary Authority (SAMA) restraining the firm's CEO, Samer Kanj, and financial manager, Samer Saad, from carrying out their duties in the company effective immediately.

The decision came after SAMA had reviewed the notes taken concerning a number of leadership practices in the company during an inspection visit, according to bourse disclosure on Thursday.

In this respect, the insurer’s board emphasises the company’s business is progressing as normal and that new competent persons will be appointed in the two vacant positions as per the related systems and regulations.